Weekly Housing Trends View — Data Week July 25, 2020

Our research team releases regular monthly housing trends reports. These reports break down inventory metrics like the number of active listings and the pace of the market. In light of the developing COVID-19 situation affecting the industry, we want to give readers more timely weekly updates. You can look forward to a Weekly Housing Trends View near the end of each week along with weekly coverage from our Housing Market Recovery Index and a weekly video update from our economists. Here’s what the housing market looked like last week.

Weekly Housing Trends Key Findings

• New listings were down 11 percent. The gradual improvement in the trend of new sellers listing homes continues as homeowners see price gains and fast selling properties. Despite most owner expectations to the contrary, the data suggest now is a fine time to sell because buyer confidence is high and mortgage rates are low which will help drive continued price increases. 
• Total inventory was down 34 percent. Home buyers continue to take advantage of record-low mortgage rates, even in a challenging economic environment. That’s leading to a smaller number of for-sale homes despite improvements in the new listings trend. 
• Median listing prices grew at 9.1 percent over last year for the second week in a row, as the number of buyers pushes prices up faster than the pre-COVID pace.
• Time on market is now 4 days faster than last year. With mortgage rates still low and for-sale homes limited, buyers are shopping with a sense of urgency that propels a quick pace–faster than a year ago and back to the pre-COVID trend–nationwide and in many metros.

Data Summary

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